Venezuela's President Hugo Chavez deceased

President of Venezuela - Mr. Hugo Rafael Chávez Frías - died in Caracas at 4:25 p.m. Caracas time (3:55 p.m. New York time), March 5th, 2013.

Born in Sabaneta in Barinas state in 1954, he was the head of state from 1999 until his death. President Chavez is well-known for Bolivarianism. He played an important role in the foundations of the Bolivarian Alliance for the Peoples of Our America (ALBA) and the Bank of the South.

Originally being the leader of the left-wing party Fifth Republic Movement (MVR), President Chavez founded the United Socialist Party of Venezuela (PSUV) in 2007.

Under Chavez's presidency: Venezuela adopted the new official name "Bolivarian Republic of Venezuela" ("República Bolivariana de Venezuela") in 1999; a new star was added to the national flag of Venezuela in 2006 to represent Guayana Esequiba (being controlled by Guyana); "bolívar fuerte" replaced "bolívar" to be the currency of Venezuela in 2008; Venezuela became a full member state of Mercosur in 2012

Following President Chavez's death, the incumbent Vice-President - Mr. Nicolás Maduro Moros - became the acting President of Venezuela.

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